Asian markets start week with gains

BLURB: The meeting between Trump and China’s Xi Jinping in Florida will be closely followed by traders concerned about the global outlook
AFP, HONG KONG: Asian markets climbed yesterday with Tokyo boosted by a jump in business confidence, but traders are cautiously awaiting a meeting later in the week between the presidents of China and the United States.
Last month saw the Donald Trump-fuelled equities rally stutter as the tycoon failed to push through key health care legislation, casting doubt over the prospects of implementing his tax-cutting and spending pledges.
The meeting between Trump and China’s Xi Jinping in Florida will be closely followed by traders concerned about the global outlook, with the former reality TV star threatening to tear up trade agreements he considers unfair to the US.
He has also hit out at China’s trade policies in the past and even accused it of manipulating its currency to boost its exports.
At the weekend he warned that the upcoming summit “will be a very difficult one in that we can no longer have massive trade deficits”. He also signed an executive order tasking staff to pinpoint countries and goods responsible for America’s nearly $50 billion a month trade deficit.
Analysts said the talks would be the key event for investors this week, which will also see the release of US jobs figures and minutes from the most recent policy decisions of the US and European central banks.
“The meeting between the two presidents has the potential to overshadow the data after President Trump’s tweets Friday about deficits,” said Greg McKenna, chief market strategist at AxiTrader.
Tokyo ended 0.4 per cent higher, helped by news that the central bank’s Tankan survey of business sentiment rose in January-March to its highest level since the end of 2015.
“The results simply confirm the economy is recovering,” Takeshi Minami, chief economist at Norinchukin Research Institute, told Bloomberg News.
“Exports are picking up and that’s having a positive impact on production and capital investment. Corporate earnings are good.”
Hong Kong was up 0.5 per cent in the afternoon, Seoul ended 0.3 per cent higher and Sydney closed up 0.1 per cent while Singapore put on 0.3 per cent. Manila and Jakarta enjoyed healthy advances.

 

Asian markets start week with gains

BLURB: The meeting between Trump and Chinas Xi Jinping in Florida will be closely followed by traders concerned about the global outlook AFP, HONG KONG: Asian markets climbed yesterday with Tokyo boosted by a jump in business confidence, but traders are cautiously awaiting a meeting later in the week between the presidents of China and the United States. Last month saw the Donald Trump-fuelled equities rally stutter as the tycoon failed to push through key health care legislation, casting doubt over the prospects of implementing his tax-cutting and spending pledges. The meeting between Trump and Chinas Xi Jinping in Florida will be closely followed by traders concerned about the global outlook, with the former reality TV star threatening to tear up trade agreements he considers unfair to the US. He has also hit out at Chinas trade policies in the past and even accused it of manipulating its currency to boost its exports. At the weekend he warned that the upcoming summit will be a very difficult one in that we can no longer have massive trade deficits. He also signed an executive order tasking staff to pinpoint countries and goods responsible for Americas nearly $50 billion a month trade deficit. Analysts said the talks would be the key event for investors this week, which will also see the release of US jobs figures and minutes from the most recent policy decisions of the US and European central banks. The meeting between the two presidents has the potential to overshadow the data after President Trumps tweets Friday about deficits, said Greg McKenna, chief market strategist at AxiTrader. Tokyo ended 0.4 per cent higher, helped by news that the central banks Tankan survey of business sentiment rose in January-March to its highest level since the end of 2015. The results simply confirm the economy is recovering, Takeshi Minami, chief economist at Norinchukin Research Institute, told Bloomberg News. Exports are picking up and thats having a positive impact on production and capital investment. Corporate earnings are good. Hong Kong was up 0.5 per cent in the afternoon, Seoul ended 0.3 per cent higher and Sydney closed up 0.1 per cent while Singapore put on 0.3 per cent. Manila and Jakarta enjoyed healthy advances.